Home Business News Successful Covid-19 drug trial boosts global stock markets

Successful Covid-19 drug trial boosts global stock markets

by LLB Reporter
18th Apr 20 11:21 am

University of Chicago hospital are taking part in a study where 113 patients showed a rapid recovery after taking coronavirus drug.

Patients on the antiviral medicine remdesivir, developed by Gilead Sciences, were nearly all discharged within a week.

The drug was initially designed and used for Ebola which helped push global stock markets up.

The FTSE 100 closed higher up 158.53 points, or 2.8%, at 5786.96, after the details of the successful drug trial it was published in the Stat News, which helped markets to close higher.

The French CAC 40 was up 3.4%, whilst the German Dax 30 up 3.2% which also helped by recent announcements of restrictions eased in Italy, Spain and Austria.

Overnight Chinese GDP figures showed a dramatic 6.8% drop in the first quarter of 2020.

Joshua Mahony, senior market analyst at share trading firm IG said, “Trial results have breathed a new sense of optimism into markets, with many seeing this as the potential beginning of the end for this coronavirus crisis.”

David Madden, market analyst at CMC Markets UK said, “The bulls have jumped on this story and are using it as an excuse to keep the recovery in equity markets going.

“The pharma industry can be hit and miss, and it seems like this treatment is in its early stages yet, so there is a risk that dealers are getting ahead of themselves.”

China’s National Bureau of Statistics has released Chinese GDP data for Q1 2020 on Friday. It shows that Chinese Q1 GDP is down -6.8% year on year.

It is being recognised as the first year on year fall in over forty years.

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